Personal exemptions, itemized deductions, and standard deductions can all be used to lower taxable income.
Generally, anything you receive in exchange for personal services must be included in your gross income. Along with wages, salaries, commissions, fees, and gratuities, this also includes other types of pay, like stock options and fringe benefits.
Whether or whether you report nontaxable income on your tax return, it won't be taxed. The IRS considers the following items to be nontaxable: Bequests, gifts, and inherited property. rebates in cash for goods you buy from a store, manufacturer, or dealer. Payment of alimony (for divorce decrees finalized after 2018)
Salary, earnings, tips, bonuses, and employer-provided perks are typical examples of taxable income. However, some forms of income, like as child support payments and health insurance provided by the employer, might not be subject to taxation.
To learn more about Taxable income refer to:
https://brainly.com/question/1160723
#SPJ4
